Kraken adds Ripple [XRP] on its margin trading platform

Ripple has made its way onto Kraken’s margin trading platform after the exchange confirmed the news through an official announcement acknowledging its addition to the platform.

Together with Bitcoin Cash, Ripple has increased the number of cryptocurrencies on the margin trading platform to 8. The other 6 cryptocurrencies include Ethereum, Bitcoin, Augur, Tether, Ethereum Classic, and Monero. The exchange official tweet reads:

“We have enabled margin trading for Bitcoin Cash (BCH) and Ripple (XRP)! The addition expands our margin offering to 8 assets”

Ripples has three currency pairs with varying leverages, and these include XRP/USD, XRP/BTC and XRP/EUR. When it comes to borrowing limits, Ripple has been organized into four tiers with varying maximum borrowing amounts, ranging from 5000 XRP for tier 1 and 2,500, 000 XRP for tier 4.

Standard margin trading fees also apply to the new additions with the margin open fee placed at 0.02% while the Rollover fee is placed at 0.02% per 4 hours.

Although this is undoubtedly good news to margin traders who would like to diversify their trading by adding Ripple, it is also important to note that Ripple and Bitcoin Cash are not available for use as collateral currencies. This basically implies that traders are unable to initiate margin positions using the available balances for Ripple and Bitcoin Cash. The official blog’s statement on the matter read as follows:

“Please note that BCH and XRP are not collateral currencies. This means you cannot open margin positions against the value of your BCH or XRP balances. For this reason, you should always maintain adequate balances of other collateral currencies to maintain your margin positions”

With this development, Kraken concludes yet another successful year which has seen it expanding its cryptocurrency portfolio considerably in addition to a good number of headliners. Among the recent developments, the exchange has managed to establish an enhanced trading platform which is accessible at http://trade.kraken.com. The new platform features an enhanced user interface, mobile compatibility, advanced charts, and a myriad of handy tools for the experienced trader.

Ripple also ends the largely successful year on a positive note with this development. The cryptocurrency has been one of the best performers in a year which has been rightly called the “bears year” in critics circles. The cryptocurrency is now trading at $0.353 with the 24 hour volume and Market cap placed at around $409 million and $14 billion respectively.